New York November Market Update
Hi New Yorkers! Can you believe we are in the final month of 2024? As we move into December, November’s NYC real estate market showcased a strong performance, especially in the new development sector, signaling continued robust demand despite seasonal slowdowns.
Key Highlights from November:
November contract signings were up 50% year-over-year, making it one of the busiest Novembers in the past decade.
Luxury properties were a standout, with contracts above $4 million nearly doubling year-over-year.
The two highest contracts were extraordinary—Unit 52E at 50 West 66th Street closed for $54.5M, and a penthouse at 140 Jane Street for $45M. These ultra-luxury deals reflect a growing demand for high-end inventory.
Despite robust demand, fewer than 100 new development units entered the market, creating a sense of scarcity and maintaining upward pressure on pricing.
Manhattan’s median sale price for new developments reached $3.3M, with a median price per square foot of $2,322, highlighting the high value of properties in the borough.
Miami Comparison:
In contrast, Miami’s real estate market continues to benefit from year-round interest driven by tax advantages, favorable weather, and a steady influx of domestic and international buyers. The luxury segment remains particularly competitive, with waterfront properties and high-rise condos seeing sustained interest. While seasonal shifts affect many markets, Miami’s steady pace makes it a unique investment opportunity, particularly for buyers relocating from the Northeast.
Key Takeaways for Buyers & Sellers
Buyers: In NYC, limited supply and increasing luxury demand mean opportunities are competitive. Miami offers a chance to diversify with properties that combine lifestyle benefits with investment potential.
Sellers: The uptick in high-end contracts and scarcity of new units present a prime moment to bring well-positioned properties to market.
As an agent navigating these two dynamic markets, I focus on matching clients with properties that align with their goals, whether that means securing a piece of Manhattan luxury or finding a Miami retreat. Ready to explore your options? Message me here.